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London (AP) - The copper price has risen to a record high.
On the commodities exchange in London, the price of a ton of the versatile metal rose to $ 10,232 on Friday.
This surpassed the previous record from 2011.
In the current year alone, the copper price has increased by more than 30 percent.
The prices of other raw materials such as iron ore have also risen sharply.
The reasons for the boom are on the demand and supply side.
Demand is driven by the prospect of an economic recovery.
Advancing corona vaccinations give hope for fewer restrictions and increasing economic activity.
This benefits the demand for raw materials such as copper.
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The supply cannot keep up with the rapidly increasing demand, especially from China.
In addition, there are corona-related problems in the international supply chains, which lead to shortages and delays.
The situation is made more difficult by accidents such as the blockade of the important Suez Canal by a container ship in March.
Many market participants and experts consider copper to be an indicator of the state of the world economy.
If its price rises, this is often interpreted as a sign of an economic upturn.
This is why the metal is nicknamed “Dr.
Copper".
© dpa-infocom, dpa: 210507-99-506063 / 3